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This is Business Live from BBC News with Susannah Streeter | :00:08. | :00:09. | |
All eyes are on China as its leaders gather | :00:10. | :00:17. | |
for their annual parliament meeting - what will they do to boost Asia's | :00:18. | :00:20. | |
Live from London, that's our top story on Friday the 4th of March. | :00:21. | :00:41. | |
After a week of bad news from China, with millions of jobs on the line | :00:42. | :00:45. | |
and economic gloom, its leaders are due to lay down a five-year plan | :00:46. | :00:48. | |
for one of the world's most important economies. | :00:49. | :00:52. | |
Upping the ante, tech giants including Google, | :00:53. | :00:54. | |
Facebook and Microsoft are now involved in the legal battle backing | :00:55. | :00:59. | |
Apple in its stance to not allow the FBI access to phones. | :01:00. | :01:02. | |
Our man Rory Cellan-Jones will explain all. | :01:03. | :01:08. | |
On. -- and markets are opening in Europe in positive territory. | :01:09. | :01:16. | |
The forceful US banker and former boss of Barclays who resigned | :01:17. | :01:19. | |
at the height of the financial crisis. | :01:20. | :01:21. | |
Well, he is eyeing up the Africa business that Barclays is putting up | :01:22. | :01:24. | |
Today we want to know, should Apple give the FBI access? | :01:25. | :01:28. | |
China's annual parliament meeting opens in Beijing this weekend. | :01:29. | :01:43. | |
The National People's Congress will lay down a five-year plan | :01:44. | :01:46. | |
for Asia's largest economy, including China's economic goals. | :01:47. | :01:48. | |
The government of Premier Li Keqiang's must engineer a giant | :01:49. | :01:50. | |
economic shift away from manufacturing and heavy | :01:51. | :01:52. | |
industry towards services and consumption, without derailing | :01:53. | :01:54. | |
Most closely watched will be Beijing's economic growth target. | :01:55. | :01:58. | |
Analysts expect between 6.5% to 7% this year, compared | :01:59. | :02:00. | |
Last year, growth cooled to 6.9%, the slowest | :02:01. | :02:19. | |
Beijing faces criticism for failing to tackle what are called 'zombie | :02:20. | :02:22. | |
enteprises' - inefficient, debt-laiden, state-owned enterprises | :02:23. | :02:24. | |
There are around 106 at national level and 150,000 local ones | :02:25. | :02:27. | |
in sectors spanning oil, banking, telecoms and steel. | :02:28. | :02:30. | |
Beijing has started unwinding zombie enterprises - | :02:31. | :02:31. | |
this week, we heard 1.8 million workers would be laid off in coal | :02:32. | :02:34. | |
The total number could be as high as 6 million over | :02:35. | :02:45. | |
Mark Williams is with me - he's the chief Asia economist | :02:46. | :02:53. | |
Nice to have you on the programme. Susannah was outlining some of the | :02:54. | :03:04. | |
issues there for China. So much going on at this particular time, a | :03:05. | :03:08. | |
week of news coming out of China, mostly negative. Give us your | :03:09. | :03:12. | |
thoughts on what the leadership might come up with for boosting this | :03:13. | :03:19. | |
key economy. The leadership is a delicate balancing act. There is a | :03:20. | :03:22. | |
lot of concern over what has been happening over the past few months | :03:23. | :03:28. | |
in China. This strong economy weakening sharply and I think they | :03:29. | :03:31. | |
will want to provide some assurance that it is not in such bad shape, | :03:32. | :03:35. | |
that they can support growth, but at the same time there is also concern | :03:36. | :03:43. | |
is over the next -- concerns about the next two or three years. More | :03:44. | :03:48. | |
lending to firms and so on, keeping firms afloat, it could actually make | :03:49. | :03:51. | |
things worse over the next few years. How reliable has the growth | :03:52. | :03:57. | |
been? A little earlier I spoke to the chief executive of the | :03:58. | :04:06. | |
advertising giant WPP and he said it wasn't doing it was more than 6.9%. | :04:07. | :04:12. | |
That's right. Many don't believe it is growing at the 7% rate that the | :04:13. | :04:18. | |
official figures show, but believe four or 5% is more credible. A big | :04:19. | :04:22. | |
disappointment computer what people thought China could do a few years | :04:23. | :04:26. | |
ago but we have to be realistic and say that for an economy with China's | :04:27. | :04:31. | |
income level and size, four or 5% would not be too bad. Given the | :04:32. | :04:35. | |
income level and sheer level of China, shifting from an economy that | :04:36. | :04:40. | |
has been driven and reliant on exports of goods made in China to an | :04:41. | :04:44. | |
economy that is more mature and all about consumer demand etc, that is | :04:45. | :04:48. | |
an enormous task. To do that in a very smooth way that does not really | :04:49. | :04:54. | |
have any negative impact on the global economy is quite a mean feat, | :04:55. | :04:58. | |
isn't it? It will be extremely hard. There will be bumps in the road. I | :04:59. | :05:02. | |
think the concern from the rest of the world and also within China is | :05:03. | :05:07. | |
that things fall off a cliff, that there is a sudden dramatic slump in | :05:08. | :05:11. | |
China's economy. There is a middle road they can muddle through in the | :05:12. | :05:14. | |
next few years and that is what they are trying to sort out. So for the | :05:15. | :05:19. | |
authorities have been pretty proactive, the money in interbank | :05:20. | :05:24. | |
lending, that kind of thing? Yes, an initiative to help banks keep | :05:25. | :05:28. | |
lending this week. I would suspect that fiscal policy will be looking | :05:29. | :05:32. | |
as well -- listened as well. There will be tax cuts, government | :05:33. | :05:36. | |
spending, another way of keeping the economy afloat. Marks, we appreciate | :05:37. | :05:40. | |
your time. Thank you for coming in and needless to say we will keep you | :05:41. | :05:45. | |
updated with any news coming out of that parliament meeting as and when | :05:46. | :05:46. | |
we hear it -- Mark. Google, Facebook, Microsoft | :05:47. | :05:53. | |
and others are taking legal action in support of their rival Apple | :05:54. | :05:56. | |
in its privacy battle with the FBI Apple is refusing to comply | :05:57. | :05:59. | |
with a court order that it must help the FBI access encrypted data | :06:00. | :06:05. | |
on an iPhone that belonged to Syed Farook - who with his | :06:06. | :06:07. | |
wife killed 14 people in December in San | :06:08. | :06:10. | |
Bernardino, California. We will have more on that story | :06:11. | :06:14. | |
later in the programme. Let's look at the London stock exchange now. | :06:15. | :06:17. | |
London Stock Exchange Group, which is in talks to merge | :06:18. | :06:19. | |
with Deutsche Boerse to create a pan-European trading house, | :06:20. | :06:21. | |
has reported a 31% rise in full-year adjusted pre-tax profit. | :06:22. | :06:24. | |
LSE and Deutsche Boerse said last week they were in merger talks, | :06:25. | :06:27. | |
although New York Stock Exchange owner Intercontinental Exchange has | :06:28. | :06:29. | |
raised the prospect of a bidding war by saying it is considering making | :06:30. | :06:32. | |
US luggage giant Samsonite says it's buying US luxury bag maker Tumi | :06:33. | :06:40. | |
It's to pay $26.75 a share for the firm - | :06:41. | :06:46. | |
a third more than its value on Wednesday before | :06:47. | :06:48. | |
Analysts say the deal will give Samsonite a foothold | :06:49. | :06:51. | |
in the lucrative Chinese high-end market. | :06:52. | :07:00. | |
As always, lots of other stories out there so let's look at the online | :07:01. | :07:05. | |
page to see what they are discussing. We have already | :07:06. | :07:08. | |
mentioned some of these. Look at this picture. Quite right for | :07:09. | :07:13. | |
February, easyJet flying through a grey sky? That is definitely what it | :07:14. | :07:17. | |
looks like in the UK at the moment, so you're not missing much if you're | :07:18. | :07:21. | |
not here right now. It says passenger numbers increased by 8.9% | :07:22. | :07:26. | |
in February, but it's load capacity, how much used on flights, went down | :07:27. | :07:33. | |
by 0.4%. Still behind Ryanair which seems to be ahead of the game when | :07:34. | :07:37. | |
it comes to this. Significant when it comes to all these scares with | :07:38. | :07:41. | |
terrorist attacks in many parts of the world, and it still has those | :07:42. | :07:45. | |
figures. That is the latest from easyJet. A lot more on the Business | :07:46. | :07:50. | |
Life page in terms of all the stories out there. But let's move on | :07:51. | :07:53. | |
to our next story here. The world's biggest | :07:54. | :07:54. | |
movie theatre operator - the Chinese conglomerate | :07:55. | :07:56. | |
Dalian Wanda - is expanding even further and creating | :07:57. | :08:01. | |
the largest US cinema chain, Lets go to our correspondent | :08:02. | :08:03. | |
in Shanghai Robin Brant, Hello. Do you go to the cinema? | :08:04. | :08:11. | |
LAUGHTER I do, not too regularly, having | :08:12. | :08:17. | |
plenty of children. Let's look at the numbers on this Dalian Wanda | :08:18. | :08:22. | |
deal. They are impressive. AMC is buying out in the States and they | :08:23. | :08:29. | |
will confirm that with the other to give them although is theatre is, | :08:30. | :08:35. | |
becoming a bookie myth in the movie watching business. The rationale | :08:36. | :08:40. | |
behind the deal -- becoming huge in the movie watching business. They | :08:41. | :08:45. | |
further transform the movie-going experience, to quote. Bigger | :08:46. | :08:52. | |
theatres, better seats, better fits, but they will be charging you more | :08:53. | :08:56. | |
money as well. Not just in the USA but looking at the Chinese domestic | :08:57. | :09:00. | |
film industry, the market is expanding quicker than in the USA | :09:01. | :09:04. | |
and if that is correct, it will be the biggest in the world by 2017. | :09:05. | :09:09. | |
Dalian Wanda is not just looking at distribution but is possibly looking | :09:10. | :09:15. | |
at taking a share in Lion's Gate and also MGM, who make the Bond movies. | :09:16. | :09:19. | |
You don't have to go too far to look at the other end of the movie | :09:20. | :09:23. | |
industry in China. You can still get dodgy DVDs from the back of most | :09:24. | :09:27. | |
bands on streets here in Chinese cities and the major companies are | :09:28. | :09:32. | |
not getting a slice of that action. Robin Brant in Shanghai, thank you | :09:33. | :09:36. | |
very much. We noticed many big Hollywood should yours are also | :09:37. | :09:39. | |
looking to China for future growth, really. Let's look at how the | :09:40. | :09:44. | |
markets have been faring. The Dow Jones ended in positive territory, | :09:45. | :09:53. | |
as did these two. Optimism around. Spring seems to have sprung for the | :09:54. | :09:57. | |
financial markets after a really volatile start to the year. The | :09:58. | :10:00. | |
uplift in oil and the knock-on effect on energy stocks have been | :10:01. | :10:05. | |
really beneficial. As you can see, Europe opened in positive territory | :10:06. | :10:06. | |
as well. And Michelle Fleury has | :10:07. | :10:08. | |
the details about what's ahead on Wall Street Today - | :10:09. | :10:10. | |
it's all about job numbers. Jobs day in America and Wall Street | :10:11. | :10:18. | |
will be watching closely, as will the central bank. | :10:19. | :10:19. | |
The figures are among many factors the Fed considers when deciding | :10:20. | :10:21. | |
whether or not to raise interest rates. | :10:22. | :10:23. | |
The Labor Department is expected to report that non-farm payrolls | :10:24. | :10:25. | |
increased by 190,000 jobs in February. | :10:26. | :10:27. | |
If correct, that would be an improvement on January | :10:28. | :10:29. | |
but still a slowdown from what we saw last year. | :10:30. | :10:31. | |
Close attention will be paid to hourly wages to see if they build | :10:32. | :10:34. | |
Our economist Diane Swan believes, given the stage | :10:35. | :10:41. | |
we are at in the business cycle, the US | :10:42. | :10:43. | |
does not need to see outside gains in employment to keep the broader | :10:44. | :10:47. | |
Meanwhile, the strong dollar is expected to weigh on the trade | :10:48. | :10:59. | |
deficit, and the commerce department will likely | :11:00. | :11:01. | |
show the trade deficit widened a bit to $44 billion in January | :11:02. | :11:04. | |
That is of course the lovely Michelle Fleury in New York for us. | :11:05. | :11:17. | |
Joining us is Jeremy Cook, Chief Economist at World First. | :11:18. | :11:21. | |
Do you have that Friday feeling? I do. Since the start of the week it | :11:22. | :11:29. | |
has been very positive. I think there is a lot of expectation | :11:30. | :11:34. | |
around. Hopefully good news from the jobs in the United States today. You | :11:35. | :11:39. | |
can't roll acts, can you? 1:30pm this afternoon! Given the global | :11:40. | :11:44. | |
economy as a whole, a really important point -- you cannot relax. | :11:45. | :11:53. | |
Wage growth is what we're looking at for Western economies to start | :11:54. | :11:56. | |
pushing now. Do you think the markets this week have been fairly | :11:57. | :11:59. | |
buoyant partly because they are anticipating good news today from | :12:00. | :12:02. | |
the United States? We had manufacturing data out earlier in | :12:03. | :12:07. | |
the week and that was pretty good? It was all right, not drastically | :12:08. | :12:10. | |
good or bad. I think there was an element of people looking for good | :12:11. | :12:13. | |
numbers today from the US jobs market but also the spectre a huge | :12:14. | :12:18. | |
amount to come from the central banks, the Chinese, probably from | :12:19. | :12:22. | |
the European Central Bank next week, the Japanese perhaps doing something | :12:23. | :12:25. | |
at the end of the quarter as well. At the same time the US Federal | :12:26. | :12:28. | |
reserve is looking to raise interest rates and this key figure today will | :12:29. | :12:33. | |
be crucial in that decision? They say they are data dependent, they | :12:34. | :12:37. | |
are basing their interest rates on what their data is showing. If it is | :12:38. | :12:41. | |
showing strength, I don't think it will follow up with an interest rate | :12:42. | :12:45. | |
rise in March, and then they will see June, then it will bounce back | :12:46. | :12:48. | |
from December. Discussed again. It was off the cards for a while? Yes, | :12:49. | :12:55. | |
for a long time. No back on the agenda. Definitely. Jeromy, we will | :12:56. | :13:00. | |
see you soon. He is back in about five minutes. We will also get the | :13:01. | :13:10. | |
latest on Apple's battle against the FBI -- Jeremy. | :13:11. | :13:17. | |
You're with Business Live from BBC News. | :13:18. | :13:19. | |
The number of people travelling by ferry from Dover to Calais fell | :13:20. | :13:21. | |
last year according to the latest figures - | :13:22. | :13:23. | |
partly due to concerns about the migration crisis, | :13:24. | :13:25. | |
But this weekend the industry is launching a campaign | :13:26. | :13:29. | |
Victoria Fritz is in Dover for us today and has been looking | :13:30. | :13:33. | |
At its peak in the 90s there were 37 million passengers | :13:34. | :13:36. | |
Since then, the numbers are down 40%. | :13:37. | :13:47. | |
This is still the most popular route, Dover | :13:48. | :13:49. | |
to Calais. | :13:50. | :13:50. | |
But the numbers are significantly down, 9% in the last | :13:51. | :13:53. | |
Let's speak to Andy Mosack, the managing editor of a travel site | :13:54. | :13:58. | |
We have the ongoing migrant crisis, issues about security and safety | :13:59. | :14:08. | |
We have also had long delays, tailbacks, industrial action in this | :14:09. | :14:12. | |
Have people been put off using Dover as a port? | :14:13. | :14:15. | |
British people are a hardy bunch, and there are all sorts of things | :14:16. | :14:26. | |
going on, if on holiday you need to put up with all sorts | :14:27. | :14:29. | |
Particularly you can spend hours sitting around | :14:30. | :14:34. | |
and the ferry is a good viable option, it still has a part to play. | :14:35. | :14:39. | |
With the onslaught of cheap airfare as well over the last ten years, | :14:40. | :14:43. | |
how has the ferry industry contended? | :14:44. | :14:44. | |
They have looked at it, offered a competitive price | :14:45. | :14:48. | |
and in fact on Monday I think you can go to | :14:49. | :14:50. | |
the Calais crossing | :14:51. | :14:51. | |
If you still want to use the Eurotunnel it is ?180. | :14:52. | :14:55. | |
Nowadays the ferries offer all sorts of things - | :14:56. | :15:01. | |
Quite frankly, I think it is a bit of an interesting adventure, | :15:02. | :15:09. | |
Yesterday, France's economy minister was suggesting that a Brexit | :15:10. | :15:14. | |
for example would end up in passport controls | :15:15. | :15:16. | |
being lost over France. | :15:17. | :15:19. | |
There are concerns over what that would mean for Dover - | :15:20. | :15:22. | |
three quarters of journeys are still to France from the UK | :15:23. | :15:25. | |
by ferry, no doubt this port will be in the spotlight for months to come. | :15:26. | :15:28. | |
That was the lovely Victoria. If you were wondering where she is today, | :15:29. | :15:39. | |
that's where she is! BHS, wanting to get a better deal, really. The | :15:40. | :15:43. | |
owners say they want substantial rent reductions. Really tough out | :15:44. | :15:45. | |
there on the high Street. You're watching Business Live - | :15:46. | :15:49. | |
our top story: All eyes | :15:50. | :15:51. | |
are on China as it's leaders gather for their annual parliament meeting | :15:52. | :15:53. | |
- the question is what they will do to boost Asia's largest but flagging | :15:54. | :15:57. | |
economy? It's been a busy week | :15:58. | :15:59. | |
in the tech sector. Developments in the Apple | :16:00. | :16:04. | |
versus FBI saga, and Google's Here to talk us through these | :16:05. | :16:06. | |
stories is our technology guru Rory Good morning. I want to start with | :16:07. | :16:24. | |
the crash. A self drive car, but in collision with a bus? To put this in | :16:25. | :16:30. | |
context, the Google self driving cars that have been out on the road | :16:31. | :16:34. | |
in California for the last few years have driven more than 1 million | :16:35. | :16:38. | |
miles. This appears to be the first collision, which was actually the | :16:39. | :16:41. | |
fault of the car rather than other people driving into the self driving | :16:42. | :16:48. | |
car. It is all an issue with the software. They are trying to make | :16:49. | :16:51. | |
the software behave a bit more like a human driver, be a tiny bit more | :16:52. | :16:55. | |
aggressive, because things have been driving into it because it has been | :16:56. | :17:00. | |
going too slowly sometimes. What it did was it edged out to get round | :17:01. | :17:06. | |
some sandbags and both the car and its test pilot, as it were, its test | :17:07. | :17:11. | |
driver, because there is always somebody in the car, thought the | :17:12. | :17:14. | |
boss would stop and it didn't. There is a wonderful line in the Google | :17:15. | :17:19. | |
document about this saying they have no reprogrammed it to make it | :17:20. | :17:22. | |
understand that buses may be less likely to stop than other vehicles | :17:23. | :17:27. | |
-- now reprogrammed. I understand it was not like a fool on crash. There | :17:28. | :17:32. | |
are no pictures of this? Yell back there will be data. -- full-on. It | :17:33. | :17:40. | |
was more of a scarf. The Google car was going at two miles an hour while | :17:41. | :17:48. | |
the boss was 15 mph, so not a major collision -- it was a scuff. Moving | :17:49. | :17:54. | |
on to Apple. We asked viewers to get involved on whether they think Apple | :17:55. | :17:59. | |
should disclose information or not. Some of you have been getting in | :18:00. | :18:04. | |
touch with tweets saying if the courts say yes, Apple has to give | :18:05. | :18:09. | |
over the information. That is self evident. Tech giants are lining up | :18:10. | :18:15. | |
in support. Yes, over the last 24 hours in the run-up to the key court | :18:16. | :18:19. | |
case between Apple and the FBI over unlocking this form they are | :18:20. | :18:23. | |
supported documents launched by either side -- unlocking this phone. | :18:24. | :18:32. | |
The whole tech agency which is not usually United has lined up. We have | :18:33. | :18:39. | |
Google, Microsoft, Amazon, smaller companies as well. One key quote | :18:40. | :18:42. | |
from Intel. We believe tech companies need to have the ability | :18:43. | :18:45. | |
to build and design their products as needed. We cannot have the | :18:46. | :18:49. | |
Government mandating how we build our products. This is all about | :18:50. | :18:53. | |
Apple being asked to change the software, to actually create new | :18:54. | :18:57. | |
software on its iPhone to make it more vulnerable to hacking. | :18:58. | :19:02. | |
Interestingly Microsoft is not in that list? Yes, it is. And Bill | :19:03. | :19:10. | |
Gates has other opinions, apparently? His opinions are quite | :19:11. | :19:14. | |
complex and he felt he was misquoted last week. We should say there are | :19:15. | :19:20. | |
also documents filed by the victims' families arguing Apple's arguments | :19:21. | :19:24. | |
are misplaced because the government had a valid warrant. One does not | :19:25. | :19:28. | |
enjoy the privacy to commit a crime, that is what the families say. We | :19:29. | :19:33. | |
have also had a lot of tweets in from you, thank you very much, on | :19:34. | :19:42. | |
this, and I am very wrong to cause I will not eat that! This is an | :19:43. | :19:46. | |
amazing little computer, a cheap computer launched four years ago in | :19:47. | :19:51. | |
the UK, with the aim of teaching children, sparking a revolution, | :19:52. | :20:01. | |
teaching them the code... With that? Computers have become too easy, | :20:02. | :20:06. | |
frankly. You press a button and new go. This is a bit more, get it. You | :20:07. | :20:10. | |
need to plug in various things and you need to have tight lines of code | :20:11. | :20:24. | |
-- a bit more complicated. There are no Cording lessons in schools no? | :20:25. | :20:29. | |
Yes. All part of changing the way we think about computers -- now coding | :20:30. | :20:38. | |
lessons in schools. 8 million of them have been schooled and not to | :20:39. | :20:42. | |
schoolkids but quite a lot of middle-aged nostalgic hobbyists. | :20:43. | :20:47. | |
That is why it is left on the floor and I step on it, my husband! Well, | :20:48. | :20:54. | |
thank you for my recommendation -- your recommendation that I don't eat | :20:55. | :21:00. | |
the chips either! And don't eat the mouse, Sally! Nice to see you, Rory, | :21:01. | :21:07. | |
as ever. He has all the latest tech news as it happens. As we mentioned | :21:08. | :21:11. | |
all eyes are on China's leaders who are about to meet at the National | :21:12. | :21:15. | |
People's Congress. The head of the biggest advertising firm, WPP, has | :21:16. | :21:21. | |
been speaking about the health of the Chinese economy. | :21:22. | :21:22. | |
The Chinese economy is critically important. | :21:23. | :21:25. | |
The delta from the Chinese economy, the increase in GDP | :21:26. | :21:28. | |
in 2016 and 2015 was the largest increase of any economy | :21:29. | :21:30. | |
China is now our third largest market, US is second and UK | :21:31. | :21:45. | |
The continued strength of China is not just vital | :21:46. | :21:52. | |
I have great confidence in the Chinese | :21:53. | :21:56. | |
leadership, they have been doing this since the year WPP was founded, | :21:57. | :22:22. | |
1985 when Deng Xioping made the famous speech which put | :22:23. | :22:24. | |
the Chinese economy on a growth track. | :22:25. | :22:26. | |
It is the shift to consumption from a savings economy. | :22:27. | :22:28. | |
It is the shift to a health care safety net because that is | :22:29. | :22:31. | |
Jeremy is back. You are interested in the programme about this | :22:32. | :22:41. | |
disruptive bank who had crowdfunding yesterday? They started on Monday | :22:42. | :22:46. | |
and demand was so high they crashed the website they were using, and | :22:47. | :22:52. | |
they had to put it out once again and raised ?1 million in 86 seconds! | :22:53. | :22:58. | |
Banking on your mobile! Reinventing the wheel of banking, moving | :22:59. | :23:01. | |
forward. Additionally interesting because this is what has been | :23:02. | :23:06. | |
happening in Africa, in Kenya, for example, mobile banking is all the | :23:07. | :23:09. | |
rage and it is not be one of the reasons Barclays has pulled out of | :23:10. | :23:12. | |
the continent because there are so many upstarts really in this sector | :23:13. | :23:16. | |
and it is interesting. This is one of the top stories in the Financial | :23:17. | :23:22. | |
Times today. Bob Diamond, the former chief executive of Barclays, may be | :23:23. | :23:26. | |
eyeing up some of Barclays's old assets? Yes, Barclays released | :23:27. | :23:32. | |
results on Monday and they were pretty poor and in the African side | :23:33. | :23:36. | |
of things, Bob Diamond made a lot of money with Barclays through the | :23:37. | :23:43. | |
naughties and into the financial crisis I don't not how willing | :23:44. | :23:50. | |
Barclays will be to sell to Bob Diamond -- noughties. The explosion | :23:51. | :23:53. | |
in banking we have seen in Asia and the legacy in Europe, it has always | :23:54. | :23:57. | |
been that the African market is the next cherry to be picked. I spoke to | :23:58. | :24:02. | |
on analyst in Johannesburg in Africa earlier in the week and he said he | :24:03. | :24:05. | |
thought there would be lots of interested parties in that part of | :24:06. | :24:12. | |
the business. Yes, regulators in South Africa will make sure they | :24:13. | :24:15. | |
can't buy up so much of the state to make themselves big there. And they | :24:16. | :24:25. | |
are really just getting in the curve on the UK with Mondo. Not to the | :24:26. | :24:34. | |
same extent as... These new disrupters coming through, yes. | :24:35. | :24:38. | |
Let's move on to newspapers in the UK and around the world looking at | :24:39. | :24:41. | |
this story, the breakthrough in research on how to tackle cancer. | :24:42. | :24:48. | |
Cancer's Achilles heel discovered by British scientists. The big holy | :24:49. | :24:53. | |
grail for pharmaceutical giants all trying to get in on the act of | :24:54. | :24:57. | |
having the key drugs, medicines or vaccines that will help with this | :24:58. | :25:01. | |
disease. If you want a good news story for a Friday, people saying we | :25:02. | :25:05. | |
may have found a way to cure cancer has to be pretty much top of the | :25:06. | :25:11. | |
list. It all speaks to the whole personalised medicine we have been | :25:12. | :25:15. | |
hearing about for years now, how certain pills are redeveloped for | :25:16. | :25:18. | |
your own body, you are illnesses, and how they will be able to | :25:19. | :25:23. | |
specifically target the elements you have -- your own illnesses. For the | :25:24. | :25:26. | |
big companies with so many generic drugs out there, with what were | :25:27. | :25:30. | |
their big money spinners, they have to find new avenues, and this | :25:31. | :25:35. | |
medicine, as you say, is one of those? The second and third film | :25:36. | :25:41. | |
will cost sense to make but the first one costs billions and | :25:42. | :25:46. | |
billions of dollars -- second and third pill. Positive news. Thank you | :25:47. | :25:53. | |
so much, Jeremypill, for coming in. Something we have not managed to | :25:54. | :26:01. | |
mention, one of Australia's biggest banks, ANZ, is being investigated | :26:02. | :26:03. | |
for rigging. There will be more business news | :26:04. | :26:05. | |
throughout the day on the BBC Live webpage and on World Business Report | :26:06. | :26:10. | |
We'll see you again tomorrow. In some parts of the British Isles | :26:11. | :26:15. | |
Snow has been a real issue overnight and in the first part of the day. | :26:16. | :26:19. | |
There is a mix of whether on offer today. Sunshine but rain, sleet or | :26:20. | :26:22. | |
snow for many and I | :26:23. | :26:23. |